Real estate tip: It’s a seller’s market. Buyers, be quick

lauren and scottsponsored post by Lauren Hruby and Scott DeVouton

If you’ve been following the Kansas City existing homes market the last 12 months (and counting), you may have heard that inventory and supply are both at historic lows. What does this mean, and what does it mean for buyers in today’s home buying world?

The Kansas City Regional Association of Realtors tells us that “inventory” is “the number of properties available for sale in active status at the end of a given month,” and that “supply” is inventory divided by “the average monthly closed sales from the last 12 months.” In other words, how many homes are on the market, and at what rate they are selling?

In the Kansas City area, inventory is currently at 5,865 homes, down from over 9,000, or about 35% from this time last year. Supply is at just over 2 months, down over 43% from last year. Both of these figures reflect an overall trend. There just aren’t many homes on the market, and those that do hit the market sell fast. Low interest rates and a decent jobs market have also helped create a healthy pool of buyers.

This is all code for saying that Kansas City is enjoying a solid seller’s market. Indeed, home values are up and average time on market is down to 80 days, 10 fewer than last year. Many buyers are finding that the perfect home is just not out there, or that it goes off market as soon as it’s listed.

We wrote about this a month ago, but it bears repeating in this market: Buyers must be prepared, with all their ducks in a row, and must be ready to act quickly. This includes being pre-approved for financing. A delay of even a day of looking at a property or making an offer is making a big difference in today’s market.

Take a look at what we wrote last month. As we move forward, expect the same lessons to hold true.

Author’s Note – If you enjoy reading our Midtown KC Post articles, and might be buying or selling your own home, please contact us. We enjoy writing these, and love helping people.

Lauren Hruby Real Estate


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